Ligand Raises Fourth Quarter and Full Year 2013 Financial Forecast

SAN DIEGO--
Ligand Pharmaceuticals Incorporated (NASDAQ: LGND) is revising
upward its previous revenue and net income guidance for the fourth
quarter and full year 2013 as a result of higher-than-expected sales of
Captisol® material. Ligand now expects total revenues for the
fourth quarter of 2013 to be between $14.0 million and $14.5 million,
compared with previous guidance of between $11.0 million and $12.0
million. Non-GAAP earnings from continuing operations per diluted share
for the fourth quarter of 2013 is expected to be between $0.31 and
$0.32, compared with previous guidance of between $0.22 and $0.24.

For the full year 2013, Ligand expects total revenues to be between
$48.0 million and $48.5 million, compared with previous guidance of
between $45.0 million and $46.0 million. Non-GAAP earnings from
continuing operations per diluted share for the full year 2013 is
expected to be between $0.86 and $0.87, compared with previous guidance
of between $0.77 and $0.79. The financial outlook for 2014 is unchanged.

Non-GAAP earnings from continuing operations per diluted share excludes
expenses related to the increase or decrease in liability for contingent
liabilities, write-off of in-process research and development and
non-cash stock-based compensation. The forecasted non-GAAP measures are
forward-looking statements for which the corresponding GAAP measure is
not available; accordingly, we do not believe that reconciling
information for such forecasted measures would be meaningful.

Ligand believes that the presentation of forward-looking non-GAAP
financial measures provides useful supplementary information to and
facilitates additional analysis by investors. Ligand uses these non-GAAP
financial measures in connection with its own budgeting and financial
planning. These non-GAAP financial measures are in addition to, and are
not a substitute for, or superior to, measures of financial performance
prepared in conformity with GAAP. Future GAAP results may be materially
different from such forward-looking non-GAAP measures.

About Ligand Pharmaceuticals

Ligand is a biopharmaceutical company focused on assembling a large
portfolio of revenue-generating assets through licensing and acquisition
with the goal to generate sustainable cash flow and profitability.
Ligand has a diverse asset portfolio addressing the unmet medical needs
of patients for a broad spectrum of diseases including thrombocytopenia,
multiple myeloma, diabetes, hepatitis, muscle wasting, dyslipidemia,
anemia and osteoporosis. Ligand’s Captisol platform technology is a
patent-protected, chemically modified cyclodextrin with a structure
designed to optimize the solubility and stability of drugs. Ligand has
established multiple alliances with the world's leading pharmaceutical
companies including GlaxoSmithKline, Onyx Pharmaceuticals (a subsidiary
of Amgen Inc.), Merck, Pfizer, Baxter International, Bristol-Myers
Squibb, Lundbeck Inc., Eli Lilly & Co. and Spectrum Pharmaceuticals.
Please visit www.captisol.com
for more information on Captisol or www.ligand.com
for more information on Ligand.

Follow Ligand on Twitter @Ligand_LGND.

Forward-Looking Statements

This news release contains forward-looking statements by Ligand that
involve risks and uncertainties and reflect Ligand’s judgment as of the
date of this release. These include statements regarding expectation of
revenues and non-GAAP earnings from continuing operations per diluted
share for the fourth quarter and full years 2013 and 2014. There can be
no assurance that Ligand will achieve its guidance or financial outlook
for the fourth quarter or full years 2013 and 2014. The failure to meet
expectations with respect to any of the foregoing matters may reduce
Ligand's stock price. Additional information concerning risk factors
affecting Ligand's business can be found in prior press releases
available at www.ligand.com
as well as in Ligand's public periodic filings with the Securities and
Exchange Commission at www.sec.gov.
Ligand disclaims any intent or obligation to update these
forward-looking statements beyond the date of this release. This caution
is made under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.